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A standing order is a financial instruction that authorizes a bank to automatically transfer a specified amount of money from one account to another at regular intervals. Essential features include the predetermined amount, frequency of transfers (e.g., weekly, monthly), and the duration for which the order remains active. It typically requires the account holder to provide the recipient’s account details and may be used for recurring payments like rent or subscriptions. Additionally, standing orders can be easily modified or canceled by the account holder.

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